Margaret Wente, Globe and Mail:
How high are house prices in Toronto? So high that even lawyers can’t afford to buy a house. At least one law firm has considered mortgage subsidies for its junior lawyers so that they won’t quit and move to somewhere cheaper. Tenants are getting hammered, too. The average monthly rent for a one-bedroom apartment in Toronto has topped $2,000 – and the vacancy rate, at 1.1 per cent, is vanishingly small. Full story here.